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SoftBank Group (SoftBank or SBG) is to acquire Fortress Investment Group (Fortress) in a cash deal worth approximately USD3.3 billion.
Under the terms of the merger agreement, which has been unanimously approved by a Special Committee of Independent Directors of Fortress's Board of Directors and Fortress's full Board of Directors, each Fortress Class A shareholder will receive USD8.08 per share, which represents a premium of 38.6 per cent to the closing price of Fortress Class A common stock on 13 February, 2017, and a premium of 51.2 per cent to Fortress's 3-month volume-weighted average price, excluding dividends. In addition, each Fortress Class A
Summa Equity’s first fund, Summa Equity Fund I, has closed with commitments of SEK4.5 billion, exceeding the initial target of SEK3.3 billion after being significantly oversubscribed. The fund size was limited to SEK4.5 billion despite oversubscription.
Summa Equity was founded in 2016 by five partners brought together by a shared vision of building a leading specialised private equity firm in the Nordic lower mid-market. The firm focuses on capturing the investment opportunity provided by thematic megatrends that are expected to drive long term growth.
Reynir Indahl, Managing Partner, Summa Equity, says: “Our investment strategy is designed to address the challenges
International law firm Proskauer has advised European buyout firm HgCapital on the close of two new funds with a combined value of GBP3.1 billion.
HgCapital 8 closed with GBP2.5 billion in commitments, five months after launching in September 2016, and HgCapital Mercury 2, closed on its target of GBP575 million in capital commitments; with both Funds significantly oversubscribed and receiving strong support from existing investors. These fundraisings will continue to extend HgCapital’s investment focus on software and technology-enabled services across Europe.
“The whole team have excelled themselves on the HgCapital 8 and Mercury 2 fundraisings,” says Andrew Jessop, General Counsel
One Equity Partners’ portfolio company, The WW Williams Company has completed the acquisition of Auto Safety House, one of the largest vehicle maintenance service and parts provider for trucks, pre-owned and new buses, and other vehicles in the Southwestern US.
The company is also the Thomas Built Bus distributor for the State of Arizona.
Auto Safety House will nowl operate as a brand under the ownership of WW Williams, a provider of mechanical repair services and products for commercial trucks, diesel power generators, warehousing, inventory management and logistics services. Financial terms were not disclosed.
Founded in 1941, ASH is one
BioMedPartners has held the first closing of BioMedInvest III, the firm’s third equity venture capital fund, at CHF75 million.
BioMedInvest III is a healthcare venture capital fund which invests in private early-to-mid- stage companies in Switzerland, Germany and neighbouring countries of the European Union.
“We are delighted that the continued success of BioMedInvest convinced many of the major investors of the previous funds to commit also to BioMedInvest III. Among these are the European Investment Fund (EIF) on behalf of the ERP-EIF Dachfonds as cornerstone investor, and the Berner Kantonalbank, BEKB. In addition we could gain several important new private
Preqin has launched Preqin Solutions, which is aiming to provide a cost-effective, scalable and secure data solution to meet the market need for transparent, accurate and efficient tracking of private capital portfolio performance.
Preqin says the platform is designed to provide ‘innovative, time-saving and easy-to-use tools that streamline the collection of portfolio company data, and improve the valuation and reporting processes undertaken by fund managers, thereby enabling more effective portfolio value creation and communication with investor clients. The cloud-based platform is quick and easy to implement, making Preqin Solutions accessible to managers of all sizes’.
The creation of the division
Monroe Capital has acted as sole lead arranger and administrative agent on the funding of a unitranche credit facility to support the acquisition of Midwest Wholesale Hardware Co (Midwest) by private equity sponsor, High Road Capital Partners.
Based in Kansas City, Missouri, Midwest Wholesale Hardware Co. is a leading wholesale distributor of commercial door hardware and security products, including locks, exit devices, electronic access control products, and door closers.
The company’s national footprint enables next-day delivery to its customers in commercial and institutional end markets.
Global investment bank GCA Altium has advised AXIO Aviation Holdings on the sale of OAG to Vitruvian Partners in a deal worth approximately USD215 million.
OAG is the global leader in aviation information and intelligence, providing customers with flight schedule and status information, in addition to related data analysis tools. The company’s flight information database holds future and historical flight details for over 900 airlines and more than 4,000 airports, offering unprecedented insight into scheduling and planning, flight status and day-of-travel updates, post-journey analysis and on-time performance. With the most extensive real-time database in the market, OAG’s delivers 35 million
CBPE Capital has exited its investment in Xafinity, a UK corporate pensions consultancy, via a main market listing on the London Stock Exchange.
Due to high investor demand, CBPE will sell all of its shares generating a return of 4.3x invested capital (with an IRR of 66 per cent). The IPO has valued Xafinity at an Enterprise value of GBP220.3 million. The market capitalisation on admission will be GBP190.3 million.
CBPE acquired Xafinity out of Advent International backed Equiniti Group in February 2013. Xafinity is a market leader in providing pension compliance and advisory services to trustees and sponsors of
Arma Partners has acted as exclusive financial advisor to Cloudreach on the sale of a majority share to Blackstone.
Cloudreach is a renowned cloud-native global cloud enabler which has empowered some of the largest and best known enterprises in the world to realise the benefits of hyperscale public cloud. The company is an important partner for AWS, Microsoft and Salesforce and offers intelligent and innovative cloud adoption by providing capabilities to enable, integrate and operate cloud platforms based on these infrastructures.
This is one of the largest transactions to have taken place in this important and rapidly growing segment
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